AFLAC Reviewing Investment in Parmalat
December 10 2003 - 12:39PM
PR Newswire (US)
AFLAC Reviewing Investment in Parmalat COLUMBUS, Ga., Dec. 10
/PRNewswire-FirstCall/ -- AFLAC Incorporated announced today that
it is evaluating its investment in Parmalat Finanziaria SpA
following the dairy company's credit rating downgrade to
below-investment- grade status. (Logo:
http://www.newscom.com/cgi-bin/prnh/20010525/AFLACLOGO ) Standard
& Poor's reduced the credit rating of Parmalat from "BBB-" to
"B+" on December 9, 2003. The rating agency lowered the rating
again today to "CC." AFLAC's investment in Parmalat was $428
million at September 30, 2003. Senior Vice President and Chief
Investment Officer Joseph W. Smith, Jr. said: "Our credit analysts
are closely monitoring financial developments at Parmalat. As is
always the case with an investment we own that has been downgraded
to below investment grade, we are in the process of applying our
stated impairment policy to determine what, if any, impairment
charge might be warranted in the fourth quarter of this year."
AFLAC Incorporated (NYSE:AFL) is an international holding company.
A Fortune 500(R) company, AFLAC insures more than 40 million people
worldwide. It is a leading writer of insurance products marketed at
the worksite in the United States, offering policies to employees
at more than 278,900 payroll accounts. The company insures one out
of four Japanese households and is the largest life insurer in
Japan in terms of individual policies in force. In January 2003,
AFLAC was the number one insurance company in Fortune magazine's
list of "The 100 Best Companies to Work for" and was included in
the overall listing for the fifth consecutive year. In March 2003,
Fortune also included AFLAC in its annual listing of "America's
Most Admired Companies." And in July 2003, Fortune named AFLAC to
its list of "America's 50 Best Companies for Minorities." AFLAC's
Internet address is aflac.com . The Private Securities Litigation
Reform Act of 1995 provides a "safe harbor" to encourage companies
to provide prospective information, so long as those informational
statements are identified as forward-looking and are accompanied by
meaningful cautionary statements identifying important factors that
could cause actual results to differ materially from those
discussed. We desire to take advantage of these provisions. This
document contains cautionary statements identifying important
factors that could cause actual results to differ materially from
those projected herein, and in any other statements made by company
officials in oral discussions with the financial community and
contained in documents filed with the Securities and Exchange
Commission (SEC). Forward-looking statements are not based on
historical information and relate to future operations, strategies,
financial results or other developments. Furthermore,
forward-looking information is subject to numerous assumptions,
risks, and uncertainties. In particular, statements containing
words such as "expect," "anticipate," "believe," "goal,"
"objective," "may," "should," "estimate," "intends," "projects," or
similar words as well as specific projections of future results,
generally qualify as forward-looking. AFLAC undertakes no
obligation to update such forward-looking statements. We caution
readers that the following factors, in addition to other factors
mentioned from time to time in our reports filed with the SEC,
could cause actual results to differ materially from those
contemplated by the forward-looking statements: legislative and
regulatory developments; assessments for insurance company
insolvencies; competitive conditions in the United States and
Japan; new product development; ability to attract and retain
qualified sales associates; ability to repatriate profits from
Japan; changes in U.S. and/or Japanese tax laws or accounting
requirements; credit and other risks associated with AFLAC's
investment activities; significant changes in interest rates;
fluctuations in foreign currency rates; deviations in actual
experience from pricing and reserving assumptions; level and
outcome of litigation; downgrades in the company's credit rating;
changes in rating agency policies or practices; subsidiary's
ability to pay dividends to parent company, and general economic
conditions in the United States and Japan. Analyst and investor
contact -- Kenneth S. Janke Jr., (800) 235-2667 - option 3, FAX:
(706) 324-6330, or Media contact -- Laura Kane, (706) 596-3493,
FAX: (706) 320-2288, or
http://www.newscom.com/cgi-bin/prnh/20010525/AFLACLOGO
http://photoarchive.ap.org/ DATASOURCE: AFLAC Incorporated CONTACT:
Analysts and investors, Kenneth S. Janke Jr., +1-800-235-2667,
option 3, or fax, +1-706-324-6330, or , or Media, Laura Kane,
+1-706-596-3493, or fax, +1-706-320-2288, or , both of AFLAC
Incorporated Web site: http://www.aflac.com/
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